Fitch says Binance attack points to resilience of bitcoin market

In Fitch Ratings' statement, it was reminded that approximately $6.3 billion worth of digital assets were stolen from Binance in the attack that started on October 29, and pointed out that this could be the largest cryptocurrency theft to date.

It was stated in the statement that Binance temporarily stopped trading and withdrawal transactions after the attack, and that withdrawal services were restarted on November 1.

In the statement, it was stated that this incident was a useful test to evaluate the liquidity of the bitcoin market in the face of shocks specific to the crypto market, and that in the 10 hours following the first news about the attack, bitcoin dropped by approximately 6 percent and the daily transaction volume increased by 67 percent.

On the other hand, the statement emphasized that the price movement in bitcoin remained quite limited compared to major market shocks in the past, and said, "We believe that this low level of disruption is due to crypto trading market structures becoming deeper and more diversified." evaluation was made.

The statement noted that this diversification reduces dependence on a single exchange and supports market liquidity despite disruption on a particular platform, including Binance, the largest crypto asset trading platform by volume.

"This more limited market response, if supported by our final price, volume and market depth analyses, may contribute to evidence that bitcoin market liquidity and infrastructure are becoming more resilient as the asset class matures," the statement said. The expression was used.